India 2019 RM Headcount League Table

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At the end of 2019, India’s Top 20 private banks and wealth managers by frontline size employed a total of 4,130 relationship managers, up 16% on the previous year but well below the 5-year CAGR of 40%. ICICI Bank Private Banking remains the largest employer and the only firm to hire over 1,000 RMs while the biggest yearly increase came from Credit Suisse Private Banking (56%) which, while coming from a low base, is also pouring resources into the market.

Meanwhile, some of India’s largest wealth managers, including Edelweiss, Avendus, Kotak, and IIFL, recorded flat or negative headcount growth, in what is likely a reflection of their growing focus on productivity, the impact of their digitalisation programmes, and the high competition for quality, experienced talent.

In terms of AUM per RM, as an overly simplistic measure of productivity, BNP Paribas Wealth Management retained the spot with US$1.5 billion, far more than any other firm on the table. The top domestic player was Waterfield Advisors at US$381 million, followed closely by Kotak.

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India onshore RM Headcount

RankPrivate bank/wealth managerType20192018YoY % change2015-19 CAGR
1ICICI Bank Private BankingDomestic1,3801,250+10.4%-
2Axis Bank Burgundy  Domestic562---
3HDFC Private BankDomestic300287+4.5%+67.6%
4IIFL Wealth  Domestic288300-4.0%+9.5%
5Karvy Private WealthDomestic272267+1.9%-
6Anand Rathi Private Wealth Management  Domestic270231+16.9%+41.2%
7Edelweiss Private Wealth Management  Domestic151194-22.2%+2.5%
8Centrum Wealth ManagementDomestic130132-1.5%+16.7%
9Kotak Wealth ManagementDomestic122124-1.6%+4.6%
9Motilal Oswal Private Wealth Management  Domestic122143-14.7%+21.0%
11IDFC FIRST Bank Wealth Management  Domestic91---
12Validus Wealth  Domestic7888-11.4%-
13ASK Asset & Wealth Management  Domestic7052+34.6%+36.8%
14JM Financial Wealth Management  Domestic6852+30.8%+6.9%
15Client Associates  Domestic5045+11.1%-
16Julius BaerForeign4240+5.0%+4.7%
17Sanctum Wealth Management  Domestic40400.0%-
18Avendus Wealth Management  Domestic3646-21.7%+37.7%
19Barclays Private Clients, IndiaForeign3032-6.3%-5.1%
20Credit Suisse Private BankingForeign2818+55.6%+23.6%
Top 204,1303,564+15.9%+35.5%
21Ambit Private WealthDomestic2127-22.2%+10.7%
21Deutsche Bank Wealth ManagementForeign21210.0%+3.9%
23Credence Family OfficeDomestic2018+11.1%-
24Standard Chartered Private BankForeign1933-42.4%-15.9%
25Alpha Capital  Domestic15150.0%+10.7%
26BNP Paribas Wealth Management  Foreign1115-26.7%-12.8%
27Waterfield Advisors  Domestic87+14.3%-
28o3 Asset Management  Domestic54+25.0%-

All figures are APB estimates unless otherwise stated. Some figures may not correspond exactly with calculated totals/rates due to rounding. Top 20 totals are as at 31 Dec for their respective years and factor in revised data. Constituents of the Top 20 totals may differ from year to year.

‘N/A’ and ‘-‘: data unavailable
Notes: Citi Private Bank excluded at the request of the bank. Reliance Wealth Management and L&T Capital Markets Limited removed from table as InCred purchased Reliance Wealth Management and L&T Capital’s Dubai wealth business in Nov 2019. IIFL Wealth purchased L&T Capital’s India onshore business in Apr 2019.

India onshore AUM per RM (US$ million)

RankPrivate bank/wealth managerType2019 AUM per RM2018 AUM per RMAUM per RM YoY change
1BNP Paribas Wealth Management  Foreign1,500.0919.1+63.2%
2Standard Chartered Private BankForeign544.7293.9+85.3%
3Waterfield AdvisorsDomestic381.3314.3+21.3%
4Kotak Wealth ManagementDomestic316.0271.2+16.5%
5Barclays Private Clients, India  Foreign306.0153.3-
6Julius BaerForeign285.7225.0+27.0%
7Ambit Private WealthDomestic153.817.8+764.2%
8Credit Suisse Private BankingForeign142.9153.9-7.2%
9Deutsche Bank Wealth ManagementForeign119.1107.1+11.2%
10ASK Asset & Wealth ManagementDomestic115.7116.2-0.4%
11Avendus Wealth ManagementDomestic108.384.8+27.8%
12Edelweiss Private Wealth ManagementDomestic103.175.8+36.1%
13JM Financial Wealth ManagementDomestic96.5118.1-18.3%
14IIFL Wealth  Domestic82.374.0+11.2%
15Client AssociatesDomestic76.075.6+0.6%
16Alpha CapitalDomestic42.738.0+12.3%
17Axis Bank BurgundyDomestic38.9--
18Credence Family OfficeDomestic35.734.3+4.0%
19HDFC Private BankDomestic35.031.7+10.4%
20Sanctum Wealth ManagementDomestic31.928.7+10.9%
21Centrum Wealth ManagementDomestic26.927.3-1.3%
22ICICI Bank Private BankingDomestic22.419.5+14.5%
23Motilal Oswal Private Wealth ManagementDomestic21.714.8+46.7%
24o3 Asset ManagementDomestic21.030.7-31.3%
25Karvy Private WealthDomestic13.112.6+3.7%
26Anand Rathi Private Wealth ManagementDomestic10.911.9-8.2%
27Validus Wealth  Domestic4.93.3+48.8%
28IDFC FIRST Bank Wealth ManagementDomestic2.2--

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